ChroMedX Corp. Announces Closing of First Tranche of Private Placement
TORONTO, ONTARIO -- (October 16, 2015)- – ChroMedX Corp. (the “Company”) (CSE: CHX, OTC: MNLIF, Frankfurt: EIY2), a developer of in vitro diagnostics and point-of-care testing (POCT) is pleased to announce that it has completed the first tranche of its previously announced non-brokered private placement (the “Offering”), pursuant to which the Company issued and sold an aggregate of 1,750,000 units (each, a “Unit”) of the Company at a price of CDN$0.20 per Unit for aggregate gross proceeds of CDN$350,000. Each Unit is comprised of one common share of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”), each Warrant entitling the holder thereof to acquire one Common Share at a price of $0.30 for a period of twenty-four (24) months from the closing date.
In connection with the Offering, the Company also paid an aggregate of $28,000 in cash commissions and has issued 140,000 broker warrants (“Broker Warrants”) to certain parties for introducing purchasers to the Company. Each Broker Warrant entitles the holder thereof to purchase one Common Share at a price of CDN$0.30 for a period of 24 months from the closing date.
The securities issued in connection with the Offering will have a four month and one day hold period pursuant to applicable securities laws.
About ChroMedX Corp.
ChroMedX Corp. is a medical technology company focused on the development of novel medical devices for in vitro diagnostics and point-of-care testing. The devices are protected by the Company's issued and pending patents, dealing with blood collection, analysis and plasma/serum processing.
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Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available atwww.sedar.com.